The global music streaming market size is estimated to reach USD 76.9 billion by 2027, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 17.8% from 2020 to 2027. The growing adoption of digital music services is one of the key factors driving the market. Thanks to the flexibility and ease of use offered by various music applications. The industry has witnessed a notable shift from traditional viewership to online content consumption over the last decade. This is owing to the availability of vast databases of audio and video songs across streaming platforms.
The increasing integration of technologies such as Artificial Intelligence (AI), Machine Learning (ML), and Extended Reality (ER) is expected to support the growth of the market over the forecast period. For instance, ML-integrated music platforms analyze the artists, songs, and albums a user listens to most frequently to discover what appeals to them. Based on the analysis, daily playlists are created and related tracks are suggested, improving search engines, and providing a better understanding of consumer preferences. These technologies are further expected to bring advanced capabilities, such as song mixing, automated one-touch personalized playlists, and voice assistance, to the platforms.
Furthermore, the industry is expected to witness significant growth amidst the COVID-19 pandemic globally, as most of the outdoor leisure activities are on a standstill. The download and usage of music streaming apps have been on the rise since lockdowns were imposed across several countries severely affected by the pandemic. For instance, Spotify witnessed an upsurge in its monthly active users by 29.0% year-on-year to 299 million users in the second quarter of 2020. The increasing rate of digitalization and the rise in the adoption of digital music are fueling the industry’s growth.
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The audio segment dominated the market and accounted for the largest revenue share in 2019. This is attributed to an increasing number of commercial end-users including pubs, restaurants, cafes, and gymnasiums, who play songs in their commercial places for entertainment. Rising consumer preference for listening to songs while exercising, commuting, working, and doing household chores is driving the segment.
Music Streaming Market Report Highlights
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Music Streaming Market Segmentation
Grand View Research has segmented the global music streaming market on the basis of service, platform, content type, end-use, and region:
Music Streaming Service Outlook (Revenue, USD Billion, 2016 – 2027)
Music Streaming Platform Outlook (Revenue, USD Billion, 2016 – 2027)
Music Streaming Content-Type Outlook (Revenue, USD Billion, 2016 – 2027)
Music Streaming End-use Outlook (Revenue, USD Billion, 2016 – 2027)
Music Streaming Regional Outlook (Revenue, USD Billion, 2016 – 2027)
List of Key Players of Music Streaming Market
Key Topics Covered
Table of Content
Chapter 1. Methodology and Scope 1.1. Market segmentation & scope 1.2. Market definition 1.3. Information procurement 1.3.1. Purchased database 1.3.2. GVR’s internal database 1.3.3. Secondary sources &third-party perspectives 1.3.4. Primary research 1.4. Information analysis 1.4.1. Data analysis models 1.5. Market formulation & data visualization 1.6. Data validation & publishing Chapter 2. Executive Summary 2.1. Market Outlook 2.2. Segmental Outlook 2.3. Competitive Insights Chapter 3. Music Streaming Market Variables, Trends & Scope 3.1. Market Introduction 3.2. Industry Value Chain Analysis 3.3. Market Dynamics 3.3.1. Market Driver Analysis 3.3.1.1. Internet proliferation with penetration of smart devices 3.3.1.2. Integration of state-of-the-art technologies into music streaming platforms 3.3.1.3. Availability of regional content on digital platforms
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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